Canada’s Secondary Suite Loan Program expands to $80,000 loans …
Dec 10, 2024 · Starting in early 2025, the Canada Secondary Suite Loan Program will double the loan limit from $40,000 to $80,000, making it easier for homeowners to finance the creation of rental units on their property, such as basement suites or laneway homes.
What the Bank of Canada’s 50-bps rate cut means for borrowers
Oct 23, 2024 · With the Bank of Canada announcing yet another interest rate cut—a half-point reduction this morning—its key policy rate has now fallen to a two-year low of 3.75%. This is the fourth rate cut this year, continuing to lower interest costs for …
Canada’s prime rate: Latest updates, trends and historical data
Dec 11, 2024 · The prime rate is the interest rate that commercial banks charge their most creditworthy clients—typically large corporations. In Canada, the prime rate is closely tied to the Bank of Canada’s overnight lending rate, which is the interest rate at which banks borrow and lend between each other.
Pros and cons of the new federal secondary suite programs
Oct 28, 2024 · Earlier this month, the federal government unveiled the Secondary Suite Refinance Program, set to launch January 15, 2025, which will allow homeowners to refinance up to 90% of their property’s value (capped at $2 million) to add up to four rental units—such as basement apartments, in-law suites, or laneway homes.
Why three big banks raised fixed mortgage rates despite falling …
Dec 2, 2024 · As regular readers of Canadian Mortgage Trends know, bond yields typically influence fixed mortgage rate pricing. However, that’s not the case right now. Several lenders, including three of the Big 5 banks, have recently raised rates on some of their fixed-rate products.
OSFI to eliminate stress test for uninsured mortgage switches …
Sep 25, 2024 · Why the change? This policy shift marks a departure from OSFI’s stance earlier this year. As recently as June, the regulator had doubled down on maintaining the stress test for uninsured mortgage switches, citing the need for sound risk management.. However, OSFI told Canadian Mortgage Trends there are two key reasons behind its reversal. “First, we are listening to what we have heard from ...
Odds of second 50-bps Bank of Canada rate cut drop after …
Nov 19, 2024 · The annual headline inflation rate for October climbed to 2.0%, exceeding the 1.9% economists had predicted and up from September’s 1.6% reading.
Mortgage Rates & Mortgage Broker News in Canada - Home Page
As we reflect on 2024, it was a year of resilience and adjustment for Canada’s housing and mortgage market, marked by the Bank of Canada’s pivot to rate cuts after two years of relentless hikes, offering long-awaited relief to borrowers.
Two big banks predict 225 bps worth of BoC rate cuts over the …
Oct 21, 2024 · Markets believe the central bank is likely to deliver a “supersized” rate cut this week due to cooling inflation and a weakening job market. If that plays out, both RBC and National Bank, along with Caisse Desjardins, are forecasting another 175 basis points (1.75 percentage points) of rate relief by the end of 2025. This would suggest a prime lending rate of 4.20% at most major lenders, a ...
Experts predict Canadian mortgage rates will rise next week …
Nov 21, 2024 · As we wrote earlier this month, Donald Trump’s recent U.S. presidential victory has triggered a surge in markets, including the bond market, fuelled by his pro-growth policies and tax-cut promises.. Many of Trump’s policies are inflationary, including his promise to remove taxes on tips and overtime, introduce a 60% tariff on Chinese …